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At the end of the first quarter of 2024, JB Financial Group (JBFG) announced the signing of a strategic investment contract to invest in OKXE – a South Korean startup with a motorcycle trading platform in Vietnam. ASL LAW is honored to continue to advise JB Financial Group on this M&A deal.
According to the announcement, JBFG and JB Investment will jointly acquire shares of OKXE with a total ownership percentage of 8%. Following the strategic investment agreement in the financial platform Infina in March, this is the first time JBFG has invested in a second financial technology company in Vietnam. The goal of this cooperation deal is to strengthen the securities business sector through partnerships with mobile platforms.
JB Securities Vietnam (JBSV), a subsidiary of JBFG, is expected to collaborate with OKXE to expand its customer base through marketing strategies and sales promotion. Additionally, both parties plan to utilize OKXE’s platform for JBFG to enter the Vietnamese financial market and leverage new business synergy opportunities in Vietnam and when OKXE expands to Cambodia.
With financial investment from JBFG, OKXE is expected to have the necessary resources to maintain its position as a bridge between the financial ecosystem and motorcycle users in Vietnam. As motorcycles continue to play a major role in transportation in Vietnam, this collaboration marks the potential for development, providing convenient and cost-effective transportation options for the people.
For JBFG, collaborating with OKXE will help establish their presence in the Vietnamese market, which is particularly important as many South Korean startups actively expand and enter this market. JB Financial Group stated that they have plans to expand the customer base for JBSV Securities and enhance global competitive advantage for the group through cooperation in the Southeast Asia region.
— ASL LAW is honored to continue to advise JB Financial Group on this M&A deal —
In this transaction, ASL LAW proudly served as the legal advisory unit that supported both parties in completing the deal. This transaction demonstrates ASL LAW’s full capacity and expertise in handling, supporting, and cooperating in cross-border transactions, typical in the M&A which ASL LAW is being recognized as one of the typical M&A consulting organizations in Vietnam through the award “Outstanding M&A Advisors of 2009-2023“.
The ASL LAW legal team involved in the strategic investment deal between JB Financial Group and OKXE includes:
– Senior Partner in Charge: Senior Partner Nguyen Thi Thuy Chung
– Collaborative personnel:
+) Senior Associate: Nguyen Le Tram
+) Associate: Doan Vu Hoai Nam
+) Junior Associates: Nguyen Thi Ngoc Thao, Nguyen Thi Thuy Duong
+) Paralegals: Dam Thuy Duong, Tran Tuan Kiet
*** JB Financial Group is one of the leading financial conglomerates in South Korea, providing the best quality financial solutions to customers. With total assets of $47 billion, JB Financial Group owns a strong domestic network with four subsidiaries, including two commercial banks, one consumer finance company, and one asset management company. Currently, JBFG also owns subsidiaries abroad such as JB Securities Vietnam in Vietnam, PPCBank in Cambodia, and JB Capital in Myanmar.
*** OKXE is one of the pioneering units in developing an online platform for trading used motorcycles in Vietnam. Launched in 2020, OKXE helps solve the problem of buying and selling used motorcycles safely and transparently instead of traditional methods. Within three years, OKXE has grown rapidly, with approximately 8 million users by the end of 2023. They also collaborate with about 2,000 dealerships to sell both new motorcycles and provide services for motorcycles.Top of Form
***ASL Law is a leading full-service and independent Vietnamese law firm made up of experienced and talented lawyers. ASL Law is ranked as the top tier Law Firm in Vietnam by Legal500, Asia Law, WTR, and Asia Business Law Journal. Based in both Hanoi and Ho Chi Minh City in Vietnam, the firm’s main purpose is to provide the most practical, efficient and lawful advice to its domestic and international clients. If we can be of assistance, please email to [email protected].
ASL LAW is the top-tier Vietnam law firm for Investment Services. If you need any advice, please contact us for further information or collaboration.
